CTGJ: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CTGJ
Largest movements
- Receivables within one year -€264,236
down €264,236 (-8.9%), from €3.0m to €2.7m
of which Other amounts receivable: -€376,563
- Tangible fixed assets -€76,192
down €76,192 (-2.9%), from €2.6m to €2.5m
of which Land and buildings: -€90,606
- Cash +€65,481
up €65,481 (+180%), from €36,341 to €101,822
mainly Other debts (+€1.2m) and Short-term financial debts (+€381,590)
- Other debts +€1.2m
new in 2025: €1.2m
- Reserves -€1.0m
down €1.0m (-40.0%), from €2.6m to €1.6m
- Debts after one year -€786,055
down €786,055 (-57.6%), from €1.4m to €579,109
- Short-term financial debts +€381,590
up €381,590 (+25.0%), from €1.5m to €1.9m
- Gross operating margin +€215,261
up €215,261 (+89.1%), from €241,679 to €456,941
- Taxes +€63,627
up €63,627 (+623%), from €10,209 to €73,836
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,918,308 | €5,622,713 | -€295,595 | -5.0% |
| Fixed assets | 21/28 | €2,883,720 | €2,807,528 | -€76,192 | -2.6% |
| Tangible fixed assets | 22/27 | €2,599,090 | €2,522,898 | -€76,192 | -2.9% |
| Land and buildings | 22 | €2,535,859 | €2,445,253 | -€90,606 | -3.6% |
| Furniture and vehicles | 24 | €63,231 | €77,645 | +€14,414 | +22.8% |
| Financial fixed assets | 28 | €284,630 | €284,630 | = | 0.0% |
| Current assets | 29/58 | €3,034,588 | €2,815,185 | -€219,403 | -7.2% |
| Amounts receivable within one year | 40/41 | €2,965,646 | €2,701,410 | -€264,236 | -8.9% |
| Trade receivables | 40 | €437,596 | €549,923 | +€112,327 | +25.7% |
| Other amounts receivable | 41 | €2,528,050 | €2,151,487 | -€376,563 | -14.9% |
| Cash at bank and in hand | 54/58 | €36,341 | €101,822 | +€65,481 | +180% |
| Deferred charges and accrued income | 490/1 | €32,601 | €11,953 | -€20,648 | -63.3% |
| Total equity and liabilities | 10/49 | €5,918,308 | €5,622,713 | -€295,595 | -5.0% |
| Equity | 10/15 | €2,720,438 | €1,673,460 | -€1.0m | -38.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,617,627 | €1,570,648 | -€1.0m | -40.0% |
| Distributable reserves | 133 | €2,617,627 | €1,570,648 | -€1.0m | -40.0% |
| Profit (loss) carried forward | 14 | €2,811 | €2,811 | = | 0.0% |
| Provisions and deferred taxes | 16 | €165,960 | €153,000 | -€12,960 | -7.8% |
| Provisions for liabilities and charges | 160/5 | €165,960 | €153,000 | -€12,960 | -7.8% |
| Other liabilities and charges | 164/5 | €165,960 | €153,000 | -€12,960 | -7.8% |
| Amounts payable | 17/49 | €3,031,910 | €3,796,253 | +€764,343 | +25.2% |
| Amounts payable after more than one year | 17 | €1,365,165 | €579,109 | -€786,055 | -57.6% |
| Financial debts | 170/4 | €1,365,165 | €579,109 | -€786,055 | -57.6% |
| Amounts payable within one year | 42/48 | €1,663,081 | €3,217,144 | +€1.6m | +93.4% |
| Current portion of amounts payable after more than one year | 42 | €120,526 | €72,591 | -€47,935 | -39.8% |
| Financial debts | 43 | €1,527,071 | €1,908,662 | +€381,590 | +25.0% |
| Other loans | 439 | €1,527,071 | €1,908,662 | +€381,590 | +25.0% |
| Trade debts | 44 | €1,321 | €11,787 | +€10,466 | +793% |
| Suppliers | 440/4 | €1,321 | €11,787 | +€10,466 | +793% |
| Taxes, remuneration and social security | 45 | €14,163 | €8,264 | -€5,899 | -41.7% |
| Taxes | 450/3 | €6,285 | €3,880 | -€2,405 | -38.3% |
| Remuneration and social security | 454/9 | €7,878 | €4,384 | -€3,495 | -44.4% |
| Other amounts payable | 47/48 | - | €1,215,840 | +€1.2m | |
| Accrued charges and deferred income | 492/3 | €3,664 | - | -€3,664 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,928 | €156,201 | +€272 | +0.2% |
| Other operating charges | 640/8 | €6,885 | €7,813 | +€928 | +13.5% |
| Gross operating margin | 9900 | €241,679 | €456,941 | +€215,261 | +89.1% |
| Operating profit (loss) | 9901 | €78,867 | €292,928 | +€214,061 | +271% |
| Financial income | 75/76B | €41,108 | €39,755 | -€1,353 | -3.3% |
| Recurring financial income | 75 | €41,108 | €39,755 | -€1,353 | -3.3% |
| Financial charges | 65/66B | €87,007 | €91,538 | +€4,531 | +5.2% |
| Recurring financial charges | 65 | €87,007 | €91,538 | +€4,531 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €32,968 | €241,144 | +€208,177 | +631% |
| Income taxes | 67/77 | €10,209 | €73,836 | +€63,627 | +623% |
| Profit (loss) for the period | 9904 | €22,759 | €167,308 | +€144,549 | +635% |
| Profit (loss) for the period to be appropriated | 9905 | €22,759 | €167,308 | +€144,549 | +635% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.